Category:
Online Payment
Jan 26, 2012 (LBO) – The Sri Lanka Ports Authority is to start trials of an electronic cargo payment system at Colombo port in a tie-up with state-owned Bank of Ceylon next week, officials said. Sri Lanka Ports Authority (SLPA) Chairman Priyath Wickrama said a lot of port activities were being converted to semi-automated systems […]
Parting Gift
Jan 26, 2012 (LBO) – Sri Lanka’s Aitken Spence group said it booked a gain of 630 million rupees by selling a 30 percent stake in a container terminal project to China Merchant Holdings International. Aitken Spence bid for the terminal project with China Merchants coming in as 55 percent partner, but it pulled out […]
Travel Card
Jan 26, 2012 (LBO) – Sri Lanka’s HSBC has launched a credit card for frequent international travellers which can be used to buy discounted air tickets, hotel rooms and use airport lounges, the bank said. Branded ‘HSBC Visa Signature’ the card offers discounts on Cathay Pacific Airways, Jet Airways, Kingfisher Airlines, Malaysia Airline, Qatar Airways, […]
Sri Lanka mulls special passports for business people
Jan 26, 2012 (LBO) – A Sri Lankan business chamber is negotiating with immigration authorities to secure special passports for business people to help them cut through red tape during overseas travel. The National Chamber of Commerce of Sri Lanka (NCCSL) is trying to secure a different type of passport business people recognised by chambers […]
Sri Lanka in talks with Qatar for toll expressway, resorts: economic minister
Jan 26, 2012 (LBO) – The State of Qatar is in talks with Sri Lanka to build a toll expressway from the island’s main international airport to the northwestern coastal town on Kalpitiya, economic development minister Basil Rajapaksa said. Sri Lanka opened its first expressway to Galle in the south late last year. Officials say […]
Sri Lanka must not intervene excessively to maintain peg: economic minister
Jan 26, 2012 (LBO) – Sri Lanka should not intervene excessively to maintain a peg with the US dollar, economic development minister Basil Rajapaksa said as reserve losses mounted in a bid to keep the rupee at 113. 90 to the US dollar in the spot market. “I feel there must be a realistic value […]
Sri Lanka needs to grow food to stabilize exchange rate: Treasury secretary
Jan 26, 2012 (LBO) – Sri Lanka has to grow more food to reduce imports which will help strengthen the exchange rate, Treasury Secretary P B Jayasundera said, as the country lost almost a quarter of its foreign reserves defending a dollar peg. “There is no economic justification to import any longer the kind of […]
‘s foreign reserves down 23.4-pct from peak in Nov
Jan 25, 2012 (LBO) – Sri Lanka’s foreign exchange reserves fell 23.4 percent to 6,201 million US dollars in November 2011 or 1,897.8 million US dollars from an end July peak, official data showed. The Central Bank said the trade deficit expanded 111 percent to 8.8 billion US dollars in the eleven months to November. […]
Sri Lanka Treasuries flat
Jan 25, 2012 (LBO) – Sri Lanka’s Treasuries yields were flat across maturities at Wednesday’s auction with 14.3 billion rupees of bills being sold, the state debt office said. The 3-month yield was flat at 8.67 percent with 8.6 billion rupees of bills sold and the 6-month month yield was flat at 8. 71 percent […]
Sri Lanka stocks closed up 0.3-pct
Jan 25, 2012 (LBO) – Sri Lanka’s stocks closed up 0. 36 percent Wednesday with illiquid stocks which lost ground in recent days recovering some losses, in thin trading brokers said. The benchmark Colombo All Share Index closed up 20 points at 5,556 points and the Milanka Index of more liquid stocks rose 26 points […]
Asset Base
Jan 25, 2012 (LBO) – Fitch Ratings has confirmed Sri Lanka’s Vallibel Finance’s (VFL) national long-term rating at ‘BB-(lka)’ with a stable outlook. “VFL’s rating factors in its small but growing asset base, healthy profitability and modest asset quality,” the rating agency said in a statement. “The rating is constrained by VFL’s modest capitalisation which […]
Asset Quality
Jan 25, 2012 (LBO) – RAM Ratings Lanka has upgraded the long- and short-term financial institution ratings of Citizens Development Business Finance (CDB) to BBB and P2 from BBB- and P3 with a stable outlook on the long-term rating. The rating agency has also upgraded the long-term rating of CDB’s 250 million rupee unsubordinated unsecured […]